While not forthcoming on the size of the investment, Grab said it plans to work with Hyundai on a number of initiatives that will include a new service based around its electric vehicles. That will feature the IONIQ Electric, the model which Hyundai used as part of WaiveCar’s car-sharing platform in Los Angeles.

Hyundai also has services operational in the Netherlands and Austria, but a partnership with Grab — which claims 2.3 million drivers and 77 million consumer app downloads — would represent its most significant consumer exposure to date.

Uber doesn’t provide comparative figures for its business in Southeast Asia, but Grab appears — at this point — to be ahead in a region that is widely seen as nascent but with growth potential.

Southeast Asia as a cumulative population of more than 600 million consumers with internet adoption growing fast to bring a total of 330 million people online, that’s more than the entire U.S. population. Ride-hailing is predicted to grow into a $20.1 billion per year industry by 2025 up from $5.1 billion in 2017, according to a report co-authored by Google.